Employee referrals take off as preferred hiring strategy — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Employee referrals take off as preferred hiring strategy

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As hiring heats up, more service-sector firms are ramping up employee referral programs, which reward workers for encouraging qualified external candidates to apply for jobs. According to recruiting software publisher Jobvite, 61% of its clients’ recruits come in through employee referrals, compared to 14% from online job boards.

Success stories: 21% of Accenture’s successful hires in 2012 were the result of the consulting firm’s referral program. At accounting firm Ernst & Young, 46% of 2012 new hires came through employee referrals, up from 28% a few years ago. Its goal for 2013 is 50%.

According to Jobvite, 43% of new employees hired through a referral program were on the job three years later, compared to 14% for those who arrived via a job board.

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